Ticketek owner TEG cuts jobs amid contract losses and restructuring

Australian ticketing company TEG, owner of Ticketek, is cutting jobs and restructuring its business after losing key ticketing contracts and facing rising competition as reported by AFR.

The move comes less than a month after former Woolworths chief executive Brad Banducci left the company. Long-time executive and former Chief Operating Officer Cameron Hoy officially became CEO on June 1.

In an email to staff on Monday, Hoy said the business needed to simplify its operations ahead of FY27.

"Since stepping into the CEO role, I have been working closely with the senior management team to develop our FY27 strategy and assess our operating model to ensure it is fit for purpose as we head into the next financial year," Hoy wrote.

"It is against that backdrop that I want to share some changes. The combination of challenging market conditions across our industry and a clear objective to refocus on our core strengths means we need to simplify our operating model to support the long-term success of TEG."

Job cuts planned

TEG will cut 44 jobs, including 42 in Australia and two in the Philippines, according to a source familiar with the matter.

The cuts represent about 5.5 per cent of the workforce. They are expected to be completed this week.

Hoy said more details would be shared after the consultation process.

"I want to acknowledge that change can bring uncertainty," he wrote.

"Once the consultation process has concluded, I will be providing an update on our FY27 strategy and how we optimise our group-wide platforms and expertise – for the benefit of our business, people and partners."

TEG declined to comment.

Major contract losses

The restructuring follows a series of contract losses.

In October, Ticketek lost the seven-year Venues NSW contract, worth about A$100 million, to Ticketmaster. The deal covered major venues, including the Sydney Cricket Ground, Accor Stadium, CommBank Stadium, Allianz Stadium and Penrith Stadium.

In April, Ticketek also lost the Melbourne Park contract to AXS. The agreement includes Rod Laver Arena, John Cain Arena, AAMI Park and Margaret Court Arena.

The losses have strengthened rivals such as Ticketmaster and AXS in Australia's ticketing market.

Pressure on silver lake

The setbacks have increased pressure on TEG's owner, private equity firm Silver Lake.

Silver Lake bought TEG in 2020 for US$1.3 billion. It later explored selling the company for more than US$2.5 billion, but the deal did not proceed.

Although TEG says it is not for sale, industry speculation continues. Market watchers believe Silver Lake could seek a strategic investor after the recent contract losses.

Financial outlook

Regulatory filings show TEG generated A$912 million in revenue in FY2025.

The company reported a net loss of A$160 million.

It also transferred A$310 million to its Singapore-based parent company as a zero-interest loan.